There are many financing programs available today for 1st time Homebuyers will little money down, investors or those just thinking of upsizing or downsizing.  Yes, the underwriting guidelines have become stricter and there is not as much availability as before, but lenders are lending money and if you know where to look, you can get a great deal. 

Right now, the most popular loans being done are FHA, VA and USDA loans.  Those options are available with most lenders.  The USDA program offers 100% financing in areas that are considered "rural".  Almost all of Statesville (except the city limits) and Mooresville are covered under this program.  They are currently experiencing a shortfall of funds but there is legislation out there to get those funds replenished quickly.  With FHA, a 3.5% down payment is required and there has been talk that the down payment requirement may increase to 5%.  The VA options is still 100% financing to veterans. 

Another great source of funds for Foreclosed Homes or fixer uppers is the 203K renovation program that offers up to $35,000 for improvements that can be financed into the loan.  This is a great program, but make sure you have a lender that knows how to handle them and it will go much smoother for you.

Here are the FHA/VA/USDA Links:

FHA Resource Center

FHA 203(b) Mortgage Insurance Program

FHA 203(k) for Fixer uppers

FHA Manufactured Home Program

USDA 100% Program

VA Loan Program

A newer program and not well known is the NC Bond program offered through NC Housing and Finance.  This program allows for up to $8000 in down payment assistance. 

Here are some great links for you to check out:

NC Housing First Home Mortgage Program

NC Housing Down Payment Assistance Programs

NC Housing Mortgage Credits and $25,000 Second Mortgage Program

With interest rates below 5% in many cases (depending upon credit) and the abundance of home inventory at reduced prices, this is still the best time to buy.  Once the rates increase, even just 1%, your buying power will be decreased and the size of the home you can purchase will be much smaller.  Get the most for your money and don’t let this opportunity pass you buy.

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